Getting robbed may save these crypto traders $262m

In this Friday, Jan. 26, 2018, photo, Coincheck President Koichiro Wada, left, bows in apology at the beginning of a news conference in Tokyo. Japanese media say the Coincheck exchange has lost 58 billion yen ($530 million) in cryptocurrency because of hacking. (Takuya Inaba/Kyodo News via AP)

INTERNATIONAL - For victims of the $500 million heist at Japanese cryptocurrency exchange Coincheck Inc., getting robbed may have been a blessing in disguise.

The 260,000 traders who lost money in the theft will be reimbursed by Coincheck at a rate of about 88 yen (84 U.S. cents) for each NEM coin that was stolen from their accounts, Chief Operating Officer Yusuke Otsuka said on Thursday, bringing the total payout to about $440 million.

That’s $262 million higher than the current market value of the stolen coins, which have slumped since the theft in January amid a broad retreat in cryptocurrencies. Coincheck said it’s using company funds to reimburse victims and will start the payouts as soon as next week.